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19 September 2019

Propertymark advocates for only the highest standards in the property industry, and this week during Gas Safety Week, we want to highlight the impacts of not doing the proper checks on your properties. Read More...

Agencies expelled from TPO

19 September 2019

Shoreditch based estate agent Chase & Co UK Ltd, (trading as Chase & Co UK) and Isle of Dogs based estate agent, Property 24/7 have been expelled from The Property Ombudsman (TPO). Read More...

Landlord hit with over £500k fine after illegally converting property

18 September 2019

A London landlord has been hit with fine of over £500,000 after illegally dividing his property into eight small flats. Read More...

 

Client Accounting and the Annual Accountant Report – There Is Another Way

Monday 18 February 2019

So, you’ve refined your business idea, come up with a business plan, and your lettings agency is now in full swing. However, what you never anticipate in those daydream days of business building, is the amount of administration you will need to complete.

We have all been there. Some days you feel like you are sinking under a mountain of paperwork. However, it doesn’t have to be like this. The Letting Partnership can assist you in all your letting’s administration and accountancy needs.

If you are reading this article, you are likely to be an ARLA Propertymark member.  Every year Propertymark regulated agents are required to submit a client money examination to renew their membership. In the past, the only option has been an accountant's report. There's now an alternative – the TLP Financial HealthChecks.

Read more to understand who, how and why to sign up ….

So, what is a TLP Financial Healthcheck? Agents complete a web-based questionnaire and submit supporting documents. As this is an online form the need for lengthy accountants’ visits is removed and the details can be completed at a time most suitable for you and your business. 

TLP Financial HealthChecks have been developed by The Letting Partnership. The Letting Partnership are market leaders in client accounting and client money protection services. They identified a need for an alternative to a standard accounts report.

The Letting Partnership began in 2005, and is headed up by Jennifer Markham who has worked in the lettings industry for over 30 years. Today the company works with agents across the UK whose portfolio numbers range from 20 – 700 and every month process and pay out in excess of £20m of client money.

Experience counts. When identifying a company to assist with your financial paperwork it is essential to choose a company with a solid, trusted reputation. You can definitely count on excellent results and excellent customer service from The Letting Partnership.

You do not need any accounting knowledge as The Letting Partnership will be processing and auditing the information you provide. The TLP Financial Healthcheck provides a uniform and standardised process that can be used to identify discrepancies in the value, handling, and processing of client money simply, quickly and without the need for an on-site accountant visit.

The process is a robust ‘client money’ financial and due diligence risk assessment specifically designed for Client Money Protection scheme providers, their insurers and most importantly the general public. 

Depending on the size of your letting’s portfolio, completing the online questionnaire should take between 1 – 2 hours. You are provided with a checklist to ensure that you have all the relevant information to hand when completing the check. An analytic programme is used to produce a risk report from answers provided by the letting agent via an online questionnaire, supporting documents submitted simultaneously to the questionnaire and subsequent ‘stress tests’ on banking transactions chosen at random by The Lettings Partnership. 

Once the completed questionnaire and supporting documents are submitted the TLP Financial HealthCheck report will be finalised and sent out. This is usually with you within 10 days.

In addition to providing financial and due diligence risk assessment, the HealthCheck report also contains an ‘Observation’ section which highlights where good practice, legal requirements or TPO guidelines are not currently being adhered to or followed.

It sounds too good to be true, and that’s not even the best bit, wait until you hear the price.

For Propertymark member agents the cost of a TLP Financial HealthChecks is just £300 (including VAT) - with no hidden charges! On average saving agents at least 70% against the cost of an accountant's report.

The Letting Partnership are market leaders in client accounting and client money protection services and can be contacted by telephone on 01903 477900 or by email: info@thelettingpartnership.co.uk.

For more information on the Propertymark TLP Financial HealthChecks check out the web link:  agenthc.co.uk/propertymark/

For agents interested in outsourcing their client accounting visit www.thelettingpartnership.co.uk